Cluff gains extension for North Sea gas licenses

Offshore staff

LONDON – Britain’s Oil & Gas Authority has extended two licenses in the southern North Sea owned by Cluff Natural Resources by a further year, conditional on the achievement of various targets.

P2248 and P2252 contain estimated combined net P50 prospective resources of 2.4 tcf.

Both the promote period and the initial term of each license now runs until Nov. 30, 2018, subject to a farm-out being completed by May 31 and a drill-or-drop decision by Sept. 30, 2018.

Various parties viewing the data room for the farm-out process have declared an interest, according to Cluff.

12/04/2017